I had a potential deal on the table to purchase my condo for $20,000.
The only problem was that I didn't have that kind of money. Actually let me rephrase that, I didn't have any money.
I'm still "in-between jobs" and what assets I had were depleted long ago.
In case you didn't know, banks do not make loans to unemployed people. I doubt that most banks would even write any loans for any property on the south side.
So while I had a possible solution on one hand, I had a problem on the other.
Where in the hell was I going to get that kind of money?
The only place someone in my situation could get that type of money; from a friend.
It's not everyday you gather the stones to ask someone if you could borrow $20,000 because you're about to lose your home.
People can be very touchy about their money.
People can be very touchy about mixing money and friendships.
People can be downright insane about mixing vast amounts of money and friendships.
I had a lot to take into consideration.
Moreover, this individual (as have others) has previously helped me out over the past five plus years of intermittent employment/unemployment. They've had a front row seat to all of my struggles and problems.
I believe they also knew that I didn't purchase a home I couldn't afford. It's not like I have a $500K condo in Bucktown. I purchased a $125K condo in Woodlawn. I was just lucky enough to be caught in the perfect storm of both the recession and foreclosure crisis.
So I asked.
Then we talked.
"What if" talks. Friendship talks. Talks via email. Talks via texts. Talks about expectations.
It wasn't as if I was asked to borrow a quarter for a stick of gum. This is some heavy duty shit.
Eventually we came to a tentative deal. Obviously, something of this magnitude needs the force of law behind it so a contract needed to be written up.
The last thing I need is a friend dragging my ass on "Judge Judy."
I knew the discussions were going to be a process, so the dialogue started months before the actual deal was finalized.
You see I was in a little bit of a time crunch.
I wasn't afraid that I was going to be foreclosed on; I was afraid that the fiscal cliff was going to come crashing down on my ass.
If this deal was going to go down, I wasn't about to let that happen.
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